The connotation of selling a house ‘as is’ is often misinterpreted, even by some experts. The legal definition of the term means selling a property with all the defects and/or damage that are apparent or obvious on the property, or at the very least, on the seller’s appraisal report, with no adjustments or changes being made in the home after it has sold.
If there are any repairs required, this can also be included in the ‘as is’ sale, but the seller will be responsible for the repairs’ cost. This can be quite confusing. Basically, it just means that the home being sold is a fixer-upper. It won’t be improved upon or repaired before it is sold. The house is priced to be sold quickly, and the owner is not pouring any extra funds into it. What the buyer sees is what he gets.
Is it possible then, to sell a house ‘as is’? What are the disadvantages? Are there any benefits?
Advantages Of Selling A Home ‘As Is’
There are people and companies who look for houses that they can buy cheap. Often, they’ll even pay cash. They welcome houses that are sold “as is’ They then pay for any repair work and resell the property at a higher price. It’s one of the top solutions when you’re wondering how to sell a house as-is.
There are also those potential buyers who are searching for fixer-uppers. These people have their own reasons why they want to purchase a home at a low price. They’re willing to take on any repairs so that their “new” home fits into their budget.
Selling your property ‘as is’ means that you, as the owner, don’t have to worry about fixing repairs and spending so much money before putting your home on the market. When your budget is cut to the bare minimum, and you can’t afford to do anything major to fix up your house, selling it ‘as is’ is the perfect option.
Disadvantages Of Selling A Home ‘As Is’
When your home is in desperate need of major repairs, it may be hard to know how to sell your home quickly. Your pool of possible buyers will be considerably smaller because most people who are buying houses want them ready to move in. They don’t want to spend a lot of money to repair things before they can even turn the key.
Another disadvantage of selling your home ‘as is’ can be that your home’s value is lower. You won’t get the higher selling price, as compared to a house that is completely ready for new residents. Also, different real estate agents may not offer their services because they don’t believe your home is worth the time or effort.
However, on the flip side, certain advantages can come from selling your house ‘as is.’ It’s just a matter of looking for the silver lining.
What To Do When Selling Your House ‘As Is’
Does this mean you can just put a “for sale” sign on the front lawn and be done with the whole situation? No, of course not. There are still many things to do for you to sell your house. Although you won’t be responsible for the major repairs, you should still thoroughly inspect for problems, fix up any little things, and then clean.
Before your house is ready to be put on the market, you should inspect the whole premises. Make a list of any issues and see what needs to be done. Check for cracks in the walls, stains on the ceilings, evidence of rodents, or carpets coming up in the corners. Jot down if any appliance needs repair, or if there are windows that need to be cleaned or adjusted. Divide the list into separate categories so you know what can be done and what can be left alone.
If the potential buyer wants to know what repairs are necessary, you have a list to refer to.
Repairs for a house includes everything from the major electrical and plumbing systems to minor issues like a leaky pipe, rattling windows, or squeaky doors. Because you’re selling your house, ‘as is,’ the major repairs will not be considered here. However, minor fixes should be accommodated. Patch the crack in the living room wall, tighten the nuts and bolts on the kitchen cabinet doors. Fix the broken window in the basement. All these things can be repaired easily with no considerable amount of money coming out of your pocket.
If you decide to try a few renovations, keep them budget-friendly and easy to perform. This can only add to the overall value of your home when a buyer comes to look.
Perhaps the biggest and least expensive way to improve the quality of your home for selling is to clean it properly. This means washing down all surfaces, disinfecting, and shining them. Dust the corners of the room to get rid of any spiderwebs or dirt. Vacuum all rugs and sweep all the floors to get rid of pet dander, molds, and mold spores. Clean those windows and wash all your appliances. Make the rooms in your home as neat and tidy and clean as possible.
Organize your belongings. Get rid of anything you haven’t used in more than a year. Store it somewhere else or hold a yard sale. Try to make your house as beautiful and comfortable as possible for any potential buyer. If a husband and wife can picture living in your house, they will more likely buy it, even if it’s sold ‘as is.’
Once your home is clean, do your best to keep it that way. Follow a schedule to maintain the upkeep. This will prevent you from being surprised if a buyer comes to see the house.
Setting A Price
Selling your home ‘as is’ can be tricky. To put your house on the market, you need to make your selling price profitable enough for you but inviting enough to be noticed. You don’t want to set your amount too low either, because then people may be turned off and think it’s a bad risk.
Buyers will approach your sale more differently than you. They obviously want to find a property that gives them the best deal. They understand what it means to sell your house ‘as is,’ and they’re going to try to bid as low as possible.
Think about what you need when you decide to sell your house ‘as is.’ Maybe research the prices around your home to see what they are going for or ask a reputable agent for help.
Selling your home is hard. Selling your home ‘as is’ can be harder. There are advantages and disadvantages. The choice is entirely up to you. It’s best to do the research in today’s market and see exactly what you’re up against. Only you know the extent of your budget, your repairs, and your lifestyle. However, if you’re wondering, ‘is it possible to sell a house as-is? The answer is definitely YES!